Financial Technology

Germany Witnesses Increased Outsourcing of Financial Processes

"Smarchive", a recently launched business in Germany, has been aggressively marketing its Cloud-Archive solution. This latest offering automatically sends the documents for tax returns, sorts them and also recalls the paid invoices in a dependable and safe manner. According to Financial Times (News - Alert) Deutschland, this idea has been well-appreciated by the major telecommunication company, Telekom, who has also decided to invest in Smarchive.

In a statement, Dr. Josefine Dutschmann, Germany Trade & Invest said, "The outsourcing of accounting and financial accounting is not so well established in Germany. Although the recent trend study of PAC or Pierre Audoin Consultants has shown that one in six companies in the DACH region - Germany, Austria and Switzerland - have outsourced. However, over the next three years, a growth of around 15 percent is expected in this area."

The outcomes of a study have indicated the deficiency of experience with financial service providers as one of the key reasons for disinclination. It is vital to note that the start-up will be offering personalized services. At the same time, several organizations in the German market are not interested in huge savings. The outsourcing of services to low-income countries is therefore not mandatory. According to the study, participants were keener to use local services instead of outsourcing.

Josefine Dutschmann said, "This shows that even in this sector, investing in Germany has its advantages. The Annual Forum will discuss the latest trends as the German shared services and outsourcing community meets in Berlin, there is no better opportunity to meet the market than this."

Germany Trade & Invest is the foreign trade and private investment agency of the Federal Republic of Germany. International organizations interested in entering into the German market can seek advice related to foreign trade information from the organization. The organization also provides latest information to German companies who want to expand their businesses abroad. The organization has its headquarters in Berlin, Germany and was established in the 1950s.

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